Max Ventures And Industries Ltd. Reports Q1 Profit Of Rs 60 Crore; Backed Up By New Business
Max Ventures and Industries Ltd (MaxVIL) today announced its standalone financial results for the first quarter ended June 30, 2017. MaxVIL has reported a Net Profit After Tax of Rs 60 Crore on a standalone basis, aided by a gain on stake sale of its subsidiary Max Speciality Films (MSF).
The Board of Directors of MaxVIL also noted the status of key business initiatives and achievements in the previous 12 months since the listing of equity shares of MaxVIL. The shares were listed at BSE and NSE on Jun 22, 2016.
Max Ventures and Industries Limited (MaxVIL) is the newest listed entity in the Max Group. It was formed after the erstwhile Max India was demerged into Max Financial Services Limited, Max India Limited and Max Ventures and Industries Limited. MaxVIL has four distinct business verticals Max Speciality Films (Manufacturing), Max Estates (Real Estate), Max Learning (Education) and Max I. (providing intellectual and financial support to high-potential start-ups/ early growth stage companies).
Max Speciality Films Limited (MSFL)
Toppan Printing Co. Ltd, Japan (Toppan) has become a joint venture partner in Max Speciality Films Limited (a material subsidiary of MaxVIL) by acquiring a 49 percent stake in the company on a fully diluted basis through a mix of secondary sale by MaxVIL and primary share issuance by MSF. MaxVIL has transferred 35.84 percent equity of MSFL for Rs 145.41 crore to Toppan. In addition, MSFL has issued and allotted 13.16 percent equity share to Toppan for Rs 53.36 crores.
MSFL is undergoing a capacity expansion by setting up an additionalLine for manufacture of BOPP films (Line 5), with a capital investment of Rs 250 crores and is expected to commence commercial production in first quarter of FY 2019. This line will increase production capacity from 45,000 tonnes per annum to 75,000 tonnes per annum.
